According to IHS, in 2015, there were about 15.4 billion connected devices. And this number is likely to increase to 30.7 billion, which again will take a great jump to 75.4 billion by 2025. Further, Intel’s projection is even bigger in terms of number. The company forecasts that there will be over 200 billion connected devices which we will be witnessing by the end of this year.
Are the current IoT market trends a clear indication that the technology is going to emerge even stronger and better in the coming year?
No matter if we are ready or not, the Internet of Things is taking over the world.
IoT, the giant ecosystem is growing and shifting rapidly. IoT devices are everywhere, be it security cameras or coffee makers, from smart toothbrushes to smartwatches, connected cars to air quality sensors, IoT is everywhere.
In short, IoT will be changing our lives and making it more efficient and easier, all the while impacting areas like Industrial IoT, healthcare, smart home market and many more.
Witnessing billions of devices connecting each other every day is not just fascinating for the by-standers but also businesses.
Before heading towards the IoT statistics and the upcoming years, let us take a quick detour and figure out out how businesses getting benefitted from IoT-
Increasing business opportunity
IoT is opening the door for new business opportunities and helping companies and IT pioneers to reap its advantages. IoT- driven innovations are certainly building strong business cases along with increasing the return on investments. IoT innovations come with the potential to transform the way businesses and consumers approach the world.
Improved Safety and Security
IoT services that are integrated with video cameras and sensors help monitor the workplace in terms of ensuring equipment safety and protection against physical threats or other damage.
When connected with a number of devices to the internet, IoT allows businesses to be smarter and faster with real-time operational insights while reducing operating costs.
IoT offers just-in-time training for workers, employees while improving labor efficiency, and ultimately increasing organizational productivity.
With the help of sensors and connectivity, IoT improves tracking of assets be it machinery, equipment, tools, etc. helping organizations to benefit from real-time insights.
Improved productivity, asset utilization, and process efficiencies can save business expenditures along with leading an increase in the ROI.
Now, when we are done with how IoT is going to benefit businesses around, it is the right time to validate these benefits along with seeing how IoT’s future in the world will look like in the coming years.
Statistics showing the future of IoT market trend
When we question what will the future of IoT bring to the stakeholder, a number of statistics emerge, clearing the clouds of doubts, unsureness, confusion.
As per IoT Analytics, Smart cities are a major and emerging concept in IoT. Over one-fifth of all publicly announced IoT projects involve IoT-driven “smart cities” of some kind, with most of the smart cities (45 percent) announced in Europe.
- IDC has predicted that IoT spending will reach $745 billion this year and will surpass the $1 trillion mark in 2022. That’s a 15% increase over 2018’s $646 billion. And the numbers are simply pointing towards the adoption and acceptance of IoT in the market.
- As per Statista the global IoT application, platform, and services revenue is forecasted to amount to 754 billion U.S. dollars by 2025.
- Another Internet of Things market report by Statista states that by 2021, the analytics market and internet of things and is expected to be worth 520 billion U.S. dollars.
These numbers that are forming the IoT market trend are not surprising as many businesses and IT pioneers have started applying the concept of IoT for their business operations and activities.
- ACT, an organization representing almost 5,000 mobile technology reported that the health care market will feel the impact of the IoT. And also forecasted a $117 billion connected health care market which will be treated to watch this year.
Healthcare domains are going to get a major makeover with the help of the IoT mechanism and will ultimately support the staff working.
- Business Insider estimates that global manufacturers are likely to invest $70 billion on IoT solutions. That is around $29 billion more as compared to the year in 2015.
- Another exciting Internet of Things Statistics presented by Statista shows, Transportation & Logistics, Discrete Manufacturing, and utility industries are expected to spend around $40B each on IoT systems, platforms, and services.
It is also shown in the same report that globally B2C Commerce is projected to invest $25B in IoT systems, software, and platforms in the coming years. Meanwhile, the
healthcare and Process industries are projected to invest around $15B each in IoT.
- As per the Sparklabs Prediction products like industrial sensors, connected manufacturing machines, in-store analysis devices, and workspace management applications are already available in the market. And these B2B IoT devices will transform the way organizations do business with other companies.
They are also showing a picture of the exponential increase in this B2B space from 2.5 billion connections in 2017 to 5.4 billion devices.
- IoT Analytics is predicting global spending on Industry 4.0 products and services will ascend from $119B in 2020 to $310B in 2023, attaining an overall 27.04% Compound Annual Growth Rate (CAGR).
- According to PWC, it is shown that together – businesses, governments, and consumers will be investing nearly $1.6 trillion for installing IoT solutions.
Also, the Business investment will see growth from $215B to $832B versus consumer-driven spending at $72B in 2015 to $236B in 2020. IoT is certainly gaining a favorable presence in the IoT market trend and these growing numbers are the proof.
- 77% of executives in the sector believe that IoT technology will allow them to transform offices into a smart workplace. 59% use IoT for monitoring and maintenance, while 55% use it for location-based services. Key benefits from IoT for the enterprise segment include increased IT effectiveness and an innovation boost.
- McKinsey while looking forward to 2025 has estimated that IoT does have the potential to drive productivity to the tune of $36 trillion in operating costs across multiple industries like mining, manufacturing, and healthcare.
These striking Internet of Things market forecasts and numbers are pointing towards the need for IoT-based mobile applications that would be connecting devices and ideas together. A need that is leading to a sound demand for Internet of Things app development companies.
Co-Founder and VP Mobile Architect at Appventurez. An expert programmer who is passionate and loves to explore emerging mobile technologies. As a leader, he is a perfect match as he is always there for the team to help and guide them to learn and implement smartly and effectively.
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